LAT columnist Al Martinez writes today that it feels just like the Great Depression, during which he claims to have grown up. In the course of his diatribe, he takes a few shots at President Bush, calling him "pasty-faced and uncertain," which may reveal more about Martinez than Bush.
During the depression of the 1930s, a quarter of the workforce was unemployed. Today, 6 percent are nationwide, 7 percent in California. Breadlines were everywhere then, but there are few if any now. Prices then were falling, now they're increasing at 5 percent per year. The economy shrank during the depression, now it's growing, at 3 percent last quarter.
Anyone who says today is like the depression of the 1930s either didn't live then or has forgotten what it was like.
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